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Clave de Pizarra

Series

Cierre (1-oct-2014)

Volumen

Acumulado

Un año

P/U

P/VL

Logo Casa de Bolsa

2001 First Quarter Results

Logo AFIN

Fabiola Molina   (52) 5325-2814 Español

Grupo Financiero Banorte (GFNORTEO)


GFNORTE 1T01
April 25, 2001  

GFNORTE O

GFNORTE O

Price:

15.47

52 Week Range:

Ps 17.10 to Ps 10.98

Shares Outstanding:

492.8 million

Market Capitalization:

US$ 0.8 Billion

AV Daily Volume

US$ 945,053 thousand

Ps/share

Net Income (T12)

3.57

Book Value

16.14

P/E

4.33x

P/BV

0.96x

ROE

21.9%

ROA

2.0%

Asset Quality & Other Indicators

PDL/TL

6.2%

NPDL/TL

0.0%

NPDL/Er.

-0.3%

LLR/PDL

100.5%

Trad. Fund./Tot. Liab.

74.6%

Dep./Tot. Loans

134.2%

Capitalization ratio

12.1%

Funding Cost

29.6%

Return on LP& securit.

38.7%

T12 = Trailing twelve months as of March 31, 2001

GFNorte Posts Quarterly EPS of Ps 1

GFNorte Posts Quarterly EPS of Ps 1.07, above Both Our Own and Consensus Estimates of
Ps 0.70 and Ps 0.80, respectively.

  • The financial group posted net earnings of Ps 527.2 million, up 14.1% and 13.4% vs. 1Q00 and 4Q00, respectively, boosted by strong earnings of Ps 522.4 million from the Banking Sector (up 22% and 17.7% vs. the same periods). This increase in the bank’s earnings was the result of Ps 241.7 million in income associated with collections on Serfin’s portfolio, higher trading income, and lower interest expense.

  • The banking sector’s net interest income dropped 11.2% vs. 1Q00, but rose 6.1% compared to 4Q00. The YoY decline was due to extraordinary income of Ps 274.3 million recorded in 1Q00, while the QoQ increase was attributable to the reclassification of commissions to the other commissions line item during the 4Q00. As a result, net interest income to average assets fell 0.56 pp vs. 1Q00, but rose 0.64 pp vs. 4Q00 to end at 5.5%.

  • Non-interest income grew 45.4% vs. 1Q00 and 5.5% vs. 4Q00. This was largely due to the registry of Ps 241.7 million under the fiduciary account, associated with collections on Serfin’s portfolio managed by Banorte; Ps 77.8 million in credit card commissions; and, Ps 194.7 million in trading income.

  • Non-interest expense rose marginally by 1.8% vs. 1Q00 (due to increases in salaries and wages, taxes, and contributions to the IPAB), but dropped 6.7% vs. 4Q00. It is important to note that as a part of the ongoing expense-cutting and efficiency program, total headcount declined 5.8%. This is estimated to decrease payroll by 10%, something that will be reflected beginning in 2Q01. As a result of higher total income and lower expenses, the bank’s operating efficiency declined 9 pp vs. 4Q00 to 66.5%.

  • The banking sector’s performing loans fell 2% vs. 4Q00, due mainly to lower commercial loans and mortgages.

GROUP AND OTHER SUBSIDIARIES INCOME

GROUP AND OTHER SUBSIDIARIES INCOME

1Q00

4Q00

1Q01

1Q01 vs

1Q01 vs

(in constant Ps millions)

1Q00

4Q00

Banking Sector Consolidated

428

444

522

22.0%

17.7%

Brokerage

18

-31

12

-31.5%

N.C.

Leasing

4

7

7

71.1%

-7.1%

Factoring

9

13

12

42.5%

-5.3%

Warehousing

1

10

2

280.0%

-81.4%

Annuities

9

-14

-5

N.C.

-63.5%

Bancassurance

2

8

-19

N.C.

N.C.

Bonding

1

1

1

100.0%

100.0%

Total subsidiaries

471

437

532

13.1%

21.6%

Headquarters

-9

27

-5

-41.2%

N.C.

Total Group Net Income

462

465

527

14.1%

13.4%

Quarterly Primary EPS

0.98

0.94

1.07

9.3%

13.5%

12 mo. EPS

2.59

3.44

3.57

38.0%

3.9%

BV/SHARE (P$)

16.70

15.22

16.14

-3.4%

6.1%

BANK INCOME STATEMENT

(Constant Ps mn,)

Net Interest Income

1,715

1,434

1,522

-11.2%

6.1%

NIM (*)

6.1%

4.9%

5.5%

-0.56 pp

0.64 pp

Total Non-Interest Income

453

625

659

45.4%

5.5%

OperaTinh Efficiency

65.7%

75.5%

66.5%

0.76 pp

-9.04 pp

Total Non-Interest Expense

1,425

1,554

1,450

1.8%

-6.7%

Other Income (Expenses)

61

142

87

42.8%

-38.8%

Inc. Before Prov., Repomo and Tx

804.40

646

818

1.7%

26.6%

Provisions for loan losses

267

260

247

-7.8%

-5.0%

Monetary Gain (loss)

-82

-34

-7

-91.1%

-78.6%

Taxes

6

1

2

-66.1%

280.0%

Deferred Income Tax

52

-105

65

25.0%

N.C.

Net Income before Subs.Income

397

436

483

21.5%

10.8%

Minority Interest

-3

0

0

N.C.

N.C.

Subsidiaries Net Income

34

8

40

16.5%

387.7%

NET INCOME

428

444

522

22.0%

17.7%

BALANCE SHEET

(in constant Ps millions)

Past-due Loans

4,582

4,175

4,210

-8.1%

0.8%

Total Gross Loans (w/Fobaproa)

86,896

81,325

79,935

-8.0%

-1.7%

Total Gross Loans (wo/Fobaproa)

32,044

69,289

68,028

112.3%

-1.8%

Provisions for Loan Losses

-4,690

-4,222

-4,229

-9.8%

0.2%

Net Loan Portfolio (w/Fobaproa)

82,206

77,103

75,706

-7.9%

-1.8%

Net Loan Portfolio (wo/Fobaproa)

27,354

65,067

63,799

133.2%

-1.9%

TOTAL ASSETS

130,341

102,237

100,789

-22.7%

-1.4%

CORE DEPOSITS

102,782

68,739

69,748

-32.1%

1.5%

TOTAL FUNDING

120,462

92,447

91,323

-24.2%

-1.2%

TOTAL LIABILITIES

122,697

95,279

93,489

-23.8%

-1.9%

TOTAL STOCKHOLDERS EQUITY

7,644

6,958

7,300

-4.5%

4.9%

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Fabiola Molina  fabiola.molina@cbbanorte.com.mx
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THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES BELIEVED RELIABLE, BUT WE MAKE NO REPRESENTATION AS TO ITS ACCURACY OR COMPLETENESS. NEITHER CASA DE BOLSA BANORTE OR BANORTE SECURITIES INTERNATIONAL ACCEPTS ANY LIABILITY FOR ANY LOSS ARISING FROM ANY USE OF THIS REPORT OR ITS CONTENTS.